>>Not really the kind of place that most people want to buy to live in for the remainder of their lives
That is purely subjective. I would rather live in a condo in Manhattan than a single family home in Long Island.
That is purely subjective. I would rather live in a condo in Manhattan than a single family home in Long Island.
I can see how this relates to housing affordability.
Would you rather live in the projects than a mansion in Bel Air?
A better comparison might be: would you rather live in a 4,000 sqft mcmansion in Santa Clarita or a modest 1200 sqft 3 bed 2 bath condo in Santa Monica?
What's that rhetorical question even relate to? Will increasing housing supply somehow make everyone more wealthy? The OP article claims not, and that's because that stock is going to rent-seeking investors, not buyers.
> A better comparison might be: would you rather live in a 4,000 sqft mcmansion in Santa Clarita or a modest 1200 sqft 3 bed 2 bath condo in Santa Monica?
Long Island vs condo in Manhattan wasn't really on even footing either.